Based on US territorial supplies of oil and gas, refined fuel base retail cost (before state taxes) should be around $0.95-$1.00 per gallon. That is just above "breakeven" to pump, refine, distribute. It roughly correlates to $19/barrel oil (US supplies only) and somewhere around $0.50 on gasoline futures chart (as seen in 2020). We go much lower than that for an extended period and dollar-based oil companies start bleeding cash with all profits wiped out. So lots of room to go down yet, imo.
In west burbs of Chicago price is around $3.30 at most places (of which Illinois taxes over 49 cents per ) but I found a QT that is currently at $2.94, they are always 30-40 cents cheaper. Love them.
$2.26 here but that is not what WE should be talking about. If oil is cheap, why (and Who) is Diesel STILL $3.49? Everything gets where it is going on a Diesel Truck and THAT is why everything is overpriced.
I would post a financial/economic article about this, but I could not find any. Please post links if found.
Incredibly, gasoline futures appear to be AHEAD of "Continuous Crude" contract price in terms of dropping faster to end of 2020 prices. We should see sub $55/barrel there soon as well (it is trying to break below $58): https://www.marketwatch.com/investing/future/cl00
Note that there appears to be a significant amount of "cartel middlemen activity", state gas tax shenanigans, AND blue state refinery sabotage, AND yet, prices continue to drop. Hopefully, the DOJ can investigate all the above criminal activity and get some indictments like they have on egg, beef, and chicken price manipulation.
Keep in mind Obama had a bunch of US refineries closed. Gas prices remain high due to supply issues.
And, as a US based small oil business, attacking the price of oil does little for the price of gasoline, and hurts the ability of small producers to maintain the flow.
Fla is 3.15 Sick of it
Based on US territorial supplies of oil and gas, refined fuel base retail cost (before state taxes) should be around $0.95-$1.00 per gallon. That is just above "breakeven" to pump, refine, distribute. It roughly correlates to $19/barrel oil (US supplies only) and somewhere around $0.50 on gasoline futures chart (as seen in 2020). We go much lower than that for an extended period and dollar-based oil companies start bleeding cash with all profits wiped out. So lots of room to go down yet, imo.
In west burbs of Chicago price is around $3.30 at most places (of which Illinois taxes over 49 cents per ) but I found a QT that is currently at $2.94, they are always 30-40 cents cheaper. Love them.
QT sucks lol worked there and hate that place
Love the gas price.
$2.79ish or higher in Metro Detoilet
$2.26 here but that is not what WE should be talking about. If oil is cheap, why (and Who) is Diesel STILL $3.49? Everything gets where it is going on a Diesel Truck and THAT is why everything is overpriced.
Data: https://tradingeconomics.com/commodity/gasoline
Some retail price data through October: https://www.eia.gov/petroleum/weekly/gasoline.php
I would post a financial/economic article about this, but I could not find any. Please post links if found.
Incredibly, gasoline futures appear to be AHEAD of "Continuous Crude" contract price in terms of dropping faster to end of 2020 prices. We should see sub $55/barrel there soon as well (it is trying to break below $58): https://www.marketwatch.com/investing/future/cl00
Note that there appears to be a significant amount of "cartel middlemen activity", state gas tax shenanigans, AND blue state refinery sabotage, AND yet, prices continue to drop. Hopefully, the DOJ can investigate all the above criminal activity and get some indictments like they have on egg, beef, and chicken price manipulation.
Keep in mind Obama had a bunch of US refineries closed. Gas prices remain high due to supply issues.
And, as a US based small oil business, attacking the price of oil does little for the price of gasoline, and hurts the ability of small producers to maintain the flow.